WHEREAS,
there exist in the said Code a substantial number of provisions
rendered
obsolete by subsequent issuances of amendatory laws, decrees and
executive
orders thereby making it imperative to consolidate, codify and
integrate
such amendatory laws, decrees and executive orders to harmonize their
provisions
for the proper guidance of the public and efficient administration
thereof; .chanrobles virtual law library

WHEREAS,
there likewise exist in the said Code certain provisions which are
impractical
in application, thus, necessitating revision in order to infuse
flexibility,
keep pace with the changing needs and demands of industries in line
with
new risks and arising out of new international developments. .chanrobles virtual law library

NOW,
THEREFORE, I FERDINAND E. MARCOS, President of the Republic of the
Philippines,
by virtue of the powers in me vested by the Constitution do hereby
order
and decree as follows: .chanrobles virtual law library

Section
1. Codification of all insurance
laws. — All insurance laws embodied in the present Insurance Code and
various
laws, presidential decrees and executive orders are hereby consolidated
into a single Code to be known as the Insurance Code of 1978 which
shall
form an integral part of this Decree. .chanrobles virtual law library

Sec.
2. Effectivity. — The provisions
of the Insurance Code of 1978 shall take effect immediately without
prejudice,
however, to the effectivity dates of the various laws, decrees and
executive
orders which have so far amended the provisions of the Insurance
Code of the Philippines (Presidential Decree No. 612). .chanrobles virtual law library

DONE
in the City of Manila, this 11th day of June, in the year of Our Lord,
nineteen hundred and seventy-eight.
.chanrobles virtual law library